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Bitcoin [BTC] and other cryptocurrency trading platforms among 21 websites flagged by Belgium’s FSMA

Akash Anand

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Bitcoin [BTC] and other cryptocurrency trading platforms among 21 websites flagged by Belgium's FSMA
Source: Unsplash

On October 27, the Belgian Financial Services and Markets Authority [FSMA] made it clear that they were taking the cryptocurrency market seriously by updating the list of fraudulent cryptocurrency websites.

The financial watchdog announced that they had added twenty-one websites to the already existing list, taking the total number of flagged websites to a total of ninety-nine. The regulatory body stated:

“We have also updated the list of cryptocurrency trading platforms which was flagged for indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites.”

The body went on to say that all the fraudulent websites have an underlying common factor: the promise of a high rate of return. These false assurances lure in a lot of unknowing investors, resulting in a lot of them losing money in the process. The FSMA added:

“All these promises are worthless, however, if an offer is fraudulent, the promises that accompany it are equally so.”

The new entrants into the list are: investissement-crypto.com, kryptonexlabs.com, kryptowize.com, london-exchange.net, lacentraledescryptomonnaies.com, parel-invest.com, positiva-ad.com, save-coins.com, tradabank.com, trade-my-bitcoin.net, vip-brokers.com, afaeu.com, bk-coin.com, capital-traders.com, cryptoallday.com, cryptonetto.com, cryptosafe.tech, dca-finance.com, elos-patrimoine.com, finances-markets.com, and iminage.com.

The rapid entry of cryptocurrencies such as Bitcoin [BTC] into the Belgian market has been apparent for some time now, with the growing number of cryptocurrency ATMs reflecting the development. Antwerp, a popular city in Belgium, is home to three Bitcoin ATMs, while Brussels, the capital of Belgium, holds two ATMs that dispense virtual assets.

The FSMA has also admitted to the rampant frauds in the field by saying:



“In spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium.”

In an earlier discussion on Bloomberg, Yo Sub Kwon, the CEO of Hosho Group, a smart contract, and security company had stated that most of the regulations that exist right now basically tend to help the fraudster.

He had stated:

“The only way to counter this is to ensure that they work together and are aware of the security protocols. They should come up with a system that alerts any sudden huge deposits so that in case of a hack, the transaction can be tracked back.”





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Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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